Which of the following scenarios increases accounts payable? A customer fails to pay an invoice. A supplier delivers raw materials on credit. Office supplies are purchased with cash. None of the above
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Which of the following scenarios increases accounts payable?
- A customer fails to pay an invoice.
- A supplier delivers raw materials on credit.
- Office supplies are purchased with cash.
- None of the above
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- Which of these transactions requires a credit entry to Revenue? A. received cash from services performed this month B. collected balance due from customers C. received cash from bank loan D. refunded a customer for a defective productUnearned service revenue occurs when which of the following occurs? A. company receives cash from a customer before performing the service B. company pays cash before receiving a service from a supplier C. company pays cash after receiving a service from a supplier D. company receives cash from a customer after performing a serviceThe new bookkeeper forgot to record the payment of an accounts payable to a supplier. What impact does this have on the company’s books? No effect Cash is understated/the Income Statement is understated Cash is overstated/the Income Statement is overstated Cash is overstated/liabilities are understated Cash is overstated/liabilities are overstated
- The companies dispose their accounts receivable because _____________ a. of shortage of accounting staff b. there are other ways to earn cash c. billing and collection expense are costly d. the accounts receivable are all goodWhich among the following are transactions that are settled by immediate cash payment and cash receipts. a. credit transactions b. cash transactions c. accounts d. financial statements What is the amount to be collected by the business from customer who receive the product or services with a promise to pay after some time? a. Supplier b. Creditor c. Accounts payable d. Accounts Receivable Expenses unpaid at the end of a given accounting period is known as _______. a. Bank overdrafts b. Accounts payable c. Unearned revenues d. Outstanding expenses When banks allowed the business to withdraw money even when the account has no funds is known as _______. a. Outstanding expenses b. Accounts payable c. Bank overdrafts d. Unearned revenues Which of the following basis of accounting realises revenue for part of the work completed ? a. Non Cash basis b. Cash Basis c. Production Basis d. Accrual BasisCeres Corporation made travel advances to the marketing team. Why are they considered nontrade receivables? The amounts are owed to the employees, not to the company. The amounts owed to the company did not result from selling goods or services. The amounts owed to the company are not from external parties. O The amounts owed will not cause a decrease in the Cash account.
- Cougar Company credited cash for a prepayment. They did this because: a. Cash payment (or an obligation to pay cash) occurs before the expense recognition b. Cash 0ayment occurs after the expense is incurred and liability is recorded. c. Sales are delayed pending credit approval. d. Customers are unable to pay the full amount due when goods are delivered.When a business owner sells merchandise to or provides a service for a customer on account instead of receiving cash (cash to be received at a later date), this is a type of asset called a/an ____________________. Group of answer choices liability owner’s equity accounts receivable none of theseThe companies dispose their accounts receivables due to a. Shortage of accounting staff b. Billing and collection expense are costly c. There are other ways to earn cash d. The accounts receivable are all good
- What is incorrect here? Available Options Are: Accounts Payable, Accounts Receivable, Advertising Expense, Cash, Cash Short And Over, Collection Expense, Computer Equiptment, Delivery Expense, Discounts Lost, Intrest Earned, Janitorial Expenses, Merchandise Inventory, Mileage Expense, Micellaneous Expenses, Note Receivable, Office Supplies, Petty Cash, Postage Expense, Printing Expense, Rent Expense, Repairs Expense - Computer, Utilities Expense.At the time of the event, which of the following does not result in a journal entry and an update of information in the general ledger? A. Shipping and billing the customer B. Receiving cash from the customer C. Approving payment for the vendor D. Processing of a sales order E. Making a payment to the vendorWhich of the following statements does not fit the job title? An accounting clerk works out accounting entries. An accounting clerk, together with the owner, compares this year’s and last year’s income statements. An accounting clerk uses software to record accounting entries. An accounting clerk inquires about a suspected error made by the bank.
